In Brief:
- Singapore Myanmar Investco orders up to 800 cryptocurrency mining machines.
- Listed on the Singapore Stock Exchange, SMI previously focused on other sectors, including travel and fashion retail, auto, construction services, and logistics.
Singapore-Based investment and management company, Singapore Myanmar Investco (SMI), announced the purchase of 800 cryptocurrency mining machines. The company will get the machines deployed at its facilities in south-east Asia.
“This is significant progress for SMI as we move towards technology-based SaaS businesses and help increase access to cryptocurrency mining for retail customers while generating substantial shareholder value,” said Mark Bedingham, President and CEO of SMI.
Earlier in the company’s previous announcement, SMI planned to order up to 4000 mining machines. The company would purchase the remainder order once these 800 machines are “in place and operational”.
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The company announced earlier that it was diversifying its business towards software services including a cryptocurrency cloud mining platform. The platform would initially focus on Bitcoin, Filecoin, and Chia.
According to the original announcement, SMI planned to launch its crypto mining business in Q4 2021. It planned to host crypto mining machines at a range of facilities across Canada, the U.S., Central Asia, and the Southeast Asia region.
